SAR 1.05 Billion Exploration Spend Signals Saudi Mineral Value-Chain Expansion
Saudi Arabia’s mining sector is digging deeper and climbing higher at the same time, with exploration spending reaching SAR 1.05 billion ($280.5 million) in 2024, a fivefold increase since 2020. This surge reflects the Kingdom’s strategic push to elevate its position in the global mineral economy, aligning with Vision 2030’s goal to make mining the third pillar of its industrial base.
The dramatic rise in exploration investment is a signal of Saudi Arabia’s commitment to Saudi Mineral Value-Chain Expansion. From grassroots exploration to advanced-stage projects, the Kingdom is building a robust pipeline that spans discovery, development, and downstream integration.
Khalid Al-Mudaifer, Saudi Arabia’s Vice Minister for Mining Affairs, addressed global industry leaders at the International Mining and Resources Conference in Australia. Photo by SPA.
226 Exploration Firms Drive 38x Growth in Sector Participation
In just four years, the number of active exploration companies operating in Saudi Arabia skyrocketed from six to 226, a 38-fold increase. This influx of players, both local and international, underscores the sector’s growing attractiveness and the effectiveness of regulatory reforms.
Foreign investors now account for 66% of total mining investment, a clear vote of confidence in the Kingdom’s transparent licensing regime and geological potential. With eight tender rounds yielding SAR 1.2 billion in committed exploration spend, Saudi Arabia is rapidly becoming a magnet for global mining capital.
SAR 770 Million in Private Exploration Spend Reflects Investor Confidence
Private sector spending on exploration licenses surged to SAR 770 million ($205 million) in 2024, up from SAR 155 million ($41.3 million) in 2020. This 164% increase highlights the sector’s maturation and the growing role of private enterprise in Saudi Mineral Value-Chain Expansion.
Government support has also intensified, with geological program funding rising from SAR 11 million ($2.9 million) in 2020 to SAR 180 million ($48 million) in 2024, a 16x increase. Together, public and private efforts are fueling a dynamic ecosystem that balances exploration risk with long-term development potential.
933 Exploration Sites and 67 Moz Gold Potential Anchor Upstream Growth
Saudi Arabia’s mineral wealth is vast and varied. As of 2024, the Kingdom hosts 933 exploration locations, including 691 sites for gold and associated minerals and 242 for base metals like copper and zinc. Preliminary estimates suggest 67 million ounces of gold, 3.87 million tonnes of copper, and 5.24 million tonnes of zinc in potential resources.
Mineral reserves are also substantial, with 12 million ounces of gold, 60,000 tonnes of copper, and 33,000 tonnes of zinc already identified. These figures form the backbone of Saudi Mineral Value-Chain Expansion, offering a rich upstream base for future midstream and downstream development.
SAR 539/km² Exploration Density Elevates Global Ranking to 12th Place
Exploration intensity has surged, with spending per square kilometer rising from SAR 105 ($28) in 2020 to SAR 539 ($143.7) in 2024. This leap has propelled Saudi Arabia from 20th to 12th place globally in exploration density rankings, reflecting a compound annual growth rate of 50%.
Over 70% of total exploration spend has been directed toward grassroots projects in underexplored regions more than any other country in a 21-nation comparison. This focus on early-stage discovery is a cornerstone of Saudi Mineral Value-Chain Expansion, ensuring a steady flow of new opportunities for development.
Future Minerals Forum 2026 to Showcase Value-Chain Strategy
To further amplify its global presence, Saudi Arabia will host the fifth edition of the Future Minerals Forum (FMF) from January 13–15, 2026, in Riyadh. The FMF serves as a strategic platform to promote sustainable supply chains and showcase the Kingdom’s progress in Saudi Mineral Value-Chain Expansion.
With participation from global mining leaders, governments, and industry stakeholders, the FMF will spotlight Saudi Arabia’s integrated approach from geological data to investment policy, and reinforce its role as a rising power in the global mining landscape.
Also Read: Unlocking Saudi Arabia’s Mining Potential: Key Sectors and Global Demand
